Kennametal Inc. (NYSE:KMT) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its stake in shares of Kennametal Inc. (NYSE:KMT - Free Report) by 53.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 174,356 shares of the industrial products company's stock after selling 197,149 shares during the quarter. Bank of America Corp DE owned about 0.22% of Kennametal worth $4,188,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of KMT. American Century Companies Inc. boosted its holdings in shares of Kennametal by 13.8% in the 4th quarter. American Century Companies Inc. now owns 2,543,973 shares of the industrial products company's stock valued at $61,106,000 after acquiring an additional 308,000 shares during the last quarter. Norges Bank purchased a new stake in Kennametal during the fourth quarter worth $5,543,000. Arrowstreet Capital Limited Partnership boosted its holdings in Kennametal by 32.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 469,202 shares of the industrial products company's stock worth $11,270,000 after buying an additional 115,718 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Kennametal by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,134,051 shares of the industrial products company's stock worth $123,319,000 after buying an additional 101,159 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Kennametal by 95.6% during the third quarter. Barclays PLC now owns 163,670 shares of the industrial products company's stock worth $4,244,000 after buying an additional 79,992 shares in the last quarter.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Wall Street Zen raised shares of Kennametal from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Barclays increased their price target on shares of Kennametal from $22.00 to $24.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Finally, Morgan Stanley increased their price target on shares of Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $25.80.

Kennametal Price Performance

NYSE:KMT traded up $0.24 during trading hours on Tuesday, reaching $21.53. 965,220 shares of the company were exchanged, compared to its average volume of 886,484. The company has a current ratio of 2.53, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. The stock's 50-day moving average is $20.19 and its 200-day moving average is $22.81. The firm has a market cap of $1.64 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 3.69 and a beta of 1.39. Kennametal Inc. has a twelve month low of $17.30 and a twelve month high of $32.18.

Kennametal (NYSE:KMT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.21. The company had revenue of $486.40 million during the quarter, compared to analysts' expectations of $489.30 million. Kennametal had a net margin of 4.76% and a return on equity of 8.12%. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share. On average, sell-side analysts anticipate that Kennametal Inc. will post 1.17 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date was Tuesday, May 13th. Kennametal's dividend payout ratio (DPR) is 57.55%.

Kennametal Profile

Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.